The BitConnect scam exposed

in scam •  last year

   Since I've joined this site, I've seen multiple posts regarding people investing in or promoting BitConnect. I would like to show them how exactly BitConnect works and save them and other users some money, and to also point out how to generally detect a scam. For those of you that don't know, BitConnect is a cryptocurrency(BCC) and a site that promises its users a return of up to 480%+ in cash(not crypto) per year, and even a guaranteed profit of up to 91.25% a year, depending on how much you invest, with no risk of loss! They claim these money are made with a cryptocurrency trading bot that they created.

   Let's take a look at their official guide on how to "invest" in their business. I have highlighted spelling errors with red(discussed at point 1) and suspicious, scam-like business practices with blue(discussed at point 3, which reveals the scam):

   Let's evaluate a few things on this page:

1. Bad English and why it matters

 First of all, there are many spelling and grammar errors, but I just underlined the most obvious ones that anyone can see. Most legit businesses have at least one employee to spell check everything before putting it on the website, if the developers are not native English speakers. However, it's very common for scam sites to have these kinds of mistakes, because they don't have any employees. Why? Because of two reasons:

  1. The scammers don't want the employees to be able to identify them after they disappear with the money;
  2. They want to reduce the costs as much as possible until they shot down the site.

2. Too good to be true

   Let's take a look at what they are promising you:

   For 10,000$+, they claim that you get a guaranteed 0.25% daily interest, which means 91.25% guaranteed return per year. Not only that, but they claim that you get an extra up to 480% per year. Add to that the referral system, which pays your referral 7% of every investment or reinvestment you make, and his referral gets 3%, and his referral gets 1% and so on, until the 11th referral, adding up to more than 12%. So if you invest the same amount 3 times in a year, they would pay your referrals 36%+ of your initial investment. 

   This all adds up to a guaranteed 127.25%+ guaranteed, risk-free interest per year, not even counting reinvesting your interest. There is no legitimate business on Earth that will be able to pay this interest rate to its customers risk-free, plus another up to 480%. There is also no trading bot that can guarantee profits.

3. Suspicious business practices and how the scam works

   To tie it all up, let's now take a look at how you are supposed to "invest" in their trading bot, and how they can(and will) profit from it:

  1. You send Bitcoin to them. They don't ask for BCC, their own currency, they ask for Bitcoin! Why is that? Because their currency will become worthless as soon as they close down the site, but Bitcoin will still be valuable.
  2. You buy BitConnect with your Bitcoin, straight from the developers of BitConnect! Every time a user buys their currency, its price increases.
  3. You give them the currency you just bought in exchange for the promise of getting back its value in cash after 4 to 10 months, and some daily interest. The interest is paid in Bitcoin, but the amount is calculated in dollars.  Now they have your Bitcoin and you also just gave them back their own currency and increased its price when you bought it. What do you have? A promise.
  4. They also offer a very generous referral program, so many people promote their site on YouTube, Facebook, forums etc. This helps to bring a ton of people to the site. It's a snowball effect: the more users they have, the more users they attract. The funds of new users are used to pay the old users.
  5. When not enough new investments come in to cover  the costs of paying the old users and still make them a profit, they sell all of their ShitCoin BCC, which increased in price by 7000%+ since they released it because of their users buying it and giving it back to them, but almost never selling it. They also have a ton of Bitcoin to sell, but at this point it's worth a lot less than the total amount of BCC they have. They then disappear with all of the money.

   To recap: They attract users by promising amazing returns on their investment. They artificially increase the price of their crypto by tricking users into buying it with Bitcoin and giving it back to them, along with the Bitcoin. They pay back the interest to their users from new investments. When their profit is maximized, they sell all of their artificially inflated currency(7000%+ since release) and Bitcoins and disappear.

   I hope you found this article useful. Upvote it if you enjoyed it and follow me for more quality content.

   If you are interested in legitimate investment opportunities, check out my previous article on the top 3 cryptocurrencies to invest in for the long run:

https://steemit.com/cryptocurrency/@thegrinder/best-3-cryptos-to-invest-in-for-the-long-run-as-bitcoin-replacements-5-years

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Reply to this so I can upvote your post that way indirectly!

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Just saw it sorry... That seven day rule is so dump... Please reply again and sorry.

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Ok, thanks again! :D You already voted one of my comments, but I wouldn't mind another one! :))

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Just saw it :)

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Here I am, the person you want to upvote.

hahaha if only those fools listened to your warnings... they wouldn't be sleeping on the streets tonight without any dinner

Good write up and even more relevant now given so much money is being dumped into this scam.

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Good write up? LMAO your an idiot he ruined it for everyone who could have jumped in 9 months ago made 100s of thousands if not Millions if you put the right cash in and then simply jumped out today

Wow what a FOOL you are

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haha look at it now! Who is the FOOL?!

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@btemtd guess who looks like an idiot now. The scam just closed.

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hahaha yes!! Exactly!

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That was a good article and great call. Reading through comments several agreed with you, meaning on average there are lots of smarts here ;-)

Many opposing views still have 25 reputation means, they only come here to disagree, then they stopped posting.

You should post more often, you have lots to offer.
In another of your 9 months old post you liked DASH/NEM/PIVX. Do you have any changes here, maybe a new favorite?

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Honestly, after all the toxicity and insults on this article and people putting their referral links for BCC in the comments, I was very discouraged to post here anymore. I have better stuff to do in life than getting called an idiot by, to put it lightly, less than intelligent people.

Regarding the 3 cryptos, like I said in my original post, PIVX might fall behind because of the lack of dedication from the developers and the fact that DASH had a head start. It looks like this has been the case over the last 9 months, so I would not recommend it at the moment. It did grow since I recommended it, so it was not a loss, but those money could have been better invested elsewhere, but it was a shot worth taking at the time, and I didn't have much invested in it compared to the other 2.
I have lots of other cryptos I'm invested in, but I'm not a financial advisor and some people even shit on those recommendations with completely wrong information, so I don't plan on making any more recommendations. If you want an example, you can read allthatmoney's comment on this post.

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Hey I understand and thanks for the answer.

I didn't ask to get trade recco, I'm not trading and investing, for next 12 months I will just try to collect some Steem (powering up) and part I'm sending to Bitshares and converting to BTS and that's it.

As newcomer (latecomer) I'm fascinated with blockchain technology but also overloaded with all the info available and all the new technoligies that are being built on top of blockchain and I'm just looking for directions, where to focus to and what to learn more about, that's why i asked, but I understand you. And the guy you mentioned, well his reputation is not doing too well ;-)

I like the graphene technology so I will definitely try to devote some of my time to try to learn more about it in the coming months.

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Closed you said? I checked their site. It is not closed?! :)

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The site stopped all investment operations and is permanently closing all activities except being a BCC wallet after 5 days of the announcement. The investors were paid in BCC coins, at a price of over 350 per coin, but the coins are worth $37 now, and it's extremely hard to sell them anywhere because no one wants them.

when i saw this project i had red light right away due to:

  • fake volume, they made coinmarketcap to add their own exchange and thats where vol was
  • fake promises (ponzi style) of crazy % getting back
  • ref program paying extra % on top of this

3 signs of a scam to me.

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The OP completely skips over important points.
-Bitconnect lending is tied into buying into a cryptocoin, artificially inflating its price and then lending THAT coin, not cash.
-Payouts are made in BitconnectCoin and NOT made in cash, this allows it to be able to support payouts because it isn't depended on whether bitconnect has cash to pay out but on whether they have BitconnectCoin to lend, which they have the largest reverse, it is PoS, and when they pay out the value goes down AFTER they give you the BitconnectCoin, which is important.
-If there was no trading bot, which a 1% per day trading bot for an experienced trader, moved into crypto, could EASILY make, they could STILL support what they are offering because of the BitconnectCoin alone.
-The trading bot never offers 1% like many people argue it does and it DOES and HAS for many days in a row offer 0% or near 0% for many days back to back and they make no guarantee that this will never happen forever
-people argue they make a GUARANTEE, They make NO GUARANTEE.

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feeling wrong now?

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It's most definitely a ponzi scheme, I mean whenever you see GUARANTEED, run for the hills! 10% annually is difficult to believe for sizable investments, let alone a few hundred percent. It's laughable. Unfortunately many will fall for this.

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Dude it totally does work. I invested starting with 100 bucks and am up to 150 with only 3 referalls and interest for 7 days...

Now im gunna invest three thousand and reivnest every interest accumulation inmultiples of ten then 100 daily and explode it!

Best part is u cash out anytime

The BEST way to earn exponential compound gainssz in BITCOIN PA$$IVELY is to join bitconnect and get Paid Daily interest on trading bot loans..

Join my team here with my affiliate sponsor link:

https://bitconnect.co/?ref=Spliffgod

Or code:

"spliffgod"

On signup

Using my link recieve:

  • FREE 5$ bonus (bitcoin) when you loan your first $500 or more

+++ a free copy of my ebook/ audiobook hypnosis course 'ULTRAKARMATICS' for harnessing the power of automatic manifestation for creating passive digital riches in the matrix..

Aswell !!!

  • Free with ANY loan over 100$

-Plus * FREE* Bitconnect / Crypto Currency investing coaching from me for life!!!

Hmu.

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Or follow me on
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-6K

follow for updates, will be on my steem page
(Red pills Only)

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And you are rekt!

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I thought this was a troll post at first, but was saddened to see it was serious. Bitconnect is an obvious scam, similar to Gladiacoin. No financial institution can guarantee 1% returns every single day. Even top hedge funds such as the Baupost Group only average 20% yield a year.

The model of Bitconnect is unsustainable and it will collapse once investor confidence becomes more wary.

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tell me about it! I was dying as I read this xD

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did you actually read what they say on their site? I will make it for you

The daily profit is not guaranteed. The interest rate that you earn daily using our investment platform is calculated by our BitConnect Price Volatility Software and accrued daily. Some days, the profit may be 0%.Read more

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this is true. i have had about 4 days in the past one year i have been earning where i did not receive an earning. the 1% is the averae. i have had .05% and 5.0% days, very few, but most days i earn about 1.50% average, it is very possible for them to pay these earnings when everyone is trading their coins.

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whilst I am still on the fence about whether its a scam or not I don't think they actually guarantee any 1% per day return anywhere that's simply the average. There are plenty of days where it makes no return whatsoever. Control Finance on the other hand is quite clearly a scam. I got caught out but knew full well that it was a scam. Sometimes you can make more than your original investment back anyway by the time they do fall over.

As for BitConnect from what I am led to believe there are trading bots out there that can average 1% a day trading the volatility of bitcoin. I suspect if they are legit the fluctuations in Bitcoin will reduce over time and therefore so will the returns. There are some good videos on YouTube that cover how it could be possible that they could generate these sort of returns.

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it is very possible. i started out with 100.00 a little over a year ago and i have taken out over a thousand dollars in profits already and i now have 1600.00 loaned to them. i have reinvested from my profits to give them that loan. plus every time my loan contract is up after the 298 days i get my loan paid back after all the profits i had made for my 298 day loan. they pay instant withdraws every time. plus you can also send your coins to 3 outside trading platforms and sell them there and buy other coins. so if you decide to build your ether or dash inventory up just send your coins to one of those platforms and get any coin you want from your earnings. http://weurls.com/MileHighMillionaire

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Your comparing apples and oranges. This is not a regulated stock market They don't guarantee anything. Have you done any research? This article is 5 months old and bitconnect is still here paying out.

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lol.... what about now? idiots....

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Up in the comments someone just said that they just closed the site. I checked and....surprise surprise it is open still! :)

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Do you even check your replies? I said the scam closed and it's closed. The site will remain online as a wallet for their ShitCoin. Try to inform yourself before speaking. This information is freely available and extremely easy to find.

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first of all they do not guarantee anything. for the last 2 days i made 0.1 and 0.5% there are days when its low but on average it returns 1% right now. if the company can no longer yield such returns in future, im happy with what i have made so far. im sure most people joining are cautiously optimistic as well.

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I love BCC and yes they guarantee some small things a measly sum of 0.25% BUT That's because all my loans are over 10k... SO whatever the percent is I ALWAYS get 0.25% without a hiccup and to me these guys are geniuses no scam artists. The guy who created this ruined it for the stupid sheep followers and just lost them over a million dollars or atleast for people who can invest 100k or more

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Do you have your own private key? Then scary... Speaking from 3x and your almost out experience.

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If you have pulled out your BCC coins yeh offcourse

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the only white paper i need is toilet paper, but other colors will also work in a pinch. but yes, i do like the white paper the best

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They have a roadmap and a nice website. Plus their coin is MINEABLE.

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The only paper i need is the cash paper when i want to cash out. Check out Davor Coin They made a white paper which gives me already the information that BCC has got ALL over there site

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i can't help it, i just have to give my opinion on this. all he can do is hate. i looked at his 3 coins he is trying to promote and he doesn't mention how bitconnect coins bcc is traded on 3 public trade platforms that won't let a scam coin stay in if they find out it's a scam. at the same time he is running bitcoin down that every single coin was built from and no coin will ever survive if bitcoin ever disappears he is promoting dash coins that has skyrocketed but was created by one of the biggest scammers to ever hit the internet. dash was originally created as a scam but people did not know it so they bought it and drove the price up. so who sounds like they are concerned about you now?
as for bitconnect, they really can pay those kind of profits because they are making that kind of money. i got in a little vera year ago with my 100.00 and rite now i have 1600.00 loaned to them from my profits, plus i have withdrawn over a thousand dollars. they instantly send back my loan as soon as the 298 day contract is up even though i have made profits from it for 298 days. so you are earning for free because they are earning big from their robot. yes they make profits from the members who sell high and try to buy back lower and end up taking a loss to get their coins back because they start jumping in price and they don't want them to get away from them, but that goes for all coins. that's how the trade robot makes it's money. you can do exactly what the robot is doing but the robot is going to do it better. they also charge a small transaction fee for everyone doing their trades, imagine how much they can earn just from that when millions of transactions are done every day. yes they are making lots of money that can be proven, bt no one can prove they can't afford to pay such high amounts in commissions, only opinions, no facts. i have had about 4 days this past year where i earned zero because the robot did not earn, i have had about 8 or 10 days maybe where i only earned 2 cents or a nickle. but i have had a few days that i earned over 5% and many days where i earned over 1.50% so yes, it probably averages about 1.25% a day if you average it. this place makes millions so why can't they afford to pay it back? they are also earning so they don't want to lose what they have. i have sent many of my bitconnect coins to an outside trade platform called livecoin https://livecoin.net/?from=Livecoin-Ub5t4keE
where i sell them and buy etherium coins. so they are building my ethers also. no one can come up with any real proof that bitconnect is a scam. never have, never will. the haters can only say it's not possible to earn that much but again, they can't produce any proof. just because they have an opinion it don't make it so. if they earn one million dollars from their trading platform why can't they pay the members three quarters of a million back? i don't know anyone that is not happy from their earnings from this site. they could have ran off with millions a long time ago if that was their plan. their coin has dropped in popularity in the past 6 months from number 15 on the top coin ratings list to about 130 now, but there have been a lot of new coins to come out so you can't stay number 1 forever. thats 130 out of about a thousand coins by the way, still not bad. so i say to all the haters, i'm sorry about your luck. you should have gotten in back when the coin was only 12 cents each about 9 months ago. it's still not too late but you could have been richer if you bought up about a thousand coins for 12 cents and sold them today and you would have earned over a hundred thousand dollars for a hundred dollar investment. don't keep thinking negative like people did with bitcoins when they said since it was 150.00 it has to be the end of it. bitconnect still has plenty of growing room. who would have ever thought dash would have grown so high since it was created by a known scammer. research it and you will see.
anyone that wants to become a millionaire with me just join my team and i'll show you bitconnect is real and they are paying real profits just so they can borrow your money to trade on their inhouse platform for bitconnect coins. they do not force you to buy or sell in their platform. you can send your coin outside to 3 different trade platforms and they can't make money from your coins. but at least they give you that choice to remove your coins and do business elsewhere. they are your coins and you decide what to do with them. if you decide you can even put them in your outside wallet and earn from staking them. they are your coins. http://weurls.com/MileHighMillionaire

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Get rekt by the facts. The scam is over.

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definition of a ponzi scheme and mlm, if you dont care about your personal reputation, go fo it!

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all my referrals are constantly thanking me for telling them about bitconnect and a lot of them are sihning u in my other businesses because they are so thankful.

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Hello. I would just like to thank you so much for your amazing post.
http://www.bit-sites.com/p/bitconnect-tutorial.html
This step-by-step tutorial, help my How do I buy bitcoin from coinbase and send it to my bitconnect account

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Are they still thanking you now, after they ran away with their money?

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Thank you, Arcane Bear. it is amazing what people will fall for. Suppose what most who believe don't realize is that it all works fine until it doesn't. until the pyramid leads get the most $ they can and walk. period. How long did Bernie MAdoff mislead people for a Billion before he made off with their money? A decade? longer. i get excited on any first impression too; it's human nature, then you use your brain and research it. Enjoy it while it lasts. I give it to early December and their gone with your dough.

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hei, what about this?
it's brand new: https://exacoin.co/ref/pheidon

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They [scams] all 'work' initially, sometimes up to a year, before the originator backs out with all your coins/cash. Ponzi works by paying you the 'interest' from new user 'investments'. They want to make it seem legit so this carries on for several months before the withdraws stop processing and support no longer answers tickets, then it goes offline.

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i guess they must be gone already then because they are way past a year in business.

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They seem to still be doing well, I am about to try it at the end of January, lets see.

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Luckily you decided to wait long enough that it all ended and you saved yourself some loses and some frustration ;-) But remember, you were lucky, since you decided to ignore red flags other were warning about. Don't always count on the luck though

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Will they run with their own Bcc coins?? You can only buy bcc from other traders and stake, lent and mine bcc. They dont receive btc from buyers. They pay out in their own Bcc coins. You sell them to other investors.

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How are you feeling about this now? :/

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Exactly. At least one who thinks in favour of BCC. Did you watched TrevonJames? :)

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Where did you find out about this fake volume? I like the post man its making me think rethink, check out my experience with it I jus posted this.
https://steemit.com/bitconnect/@nesstopher/has-anyone-received-their-bitconnect-loan-back

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here here, i stuck 1k into the platform and the returns a week later we nuts. i've reinvested everything and am putting in a total of 5k within 60 days. haters be damned xD

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So far it has paid out pretty well. I have no referrals and 1/4 my seed loan back already in 2 weeks. I think the way I'm doing it I cannot hurt anyone but myself, so its a risk I was willing to make in the hopes of paying off the 98k in college loans I have to pay :\

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Yeah, bitcoin a scam, bitconnect a scam and we daily go and exchange a piece of paper for buying goods and services ... and now a plastic ... with inflation at 3-4 % ... isn't USD the biggest SCAM ? or do we trust govt's printing press more!! I only invested .5 BTC and in 90 days I will make 100% return ... let them run away with my initial investment ... I will still be much better off as compared to keeping it in bank for 1% interest.

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Secondly I don't say that it is or isn't a scam ... the thing is that ... there is no story ... video ... coverage of press ... of a single incident where they have stolen someone's money, ran away with it or done something that is against law.

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I will post my experience in a month's time ... let's see if it is a scam .. if it is I will atlas have a proof!

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I recently decided to see whether this is for real or not. 2 days in heh.

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I'm guessing you are a happy man 2% the last couple of days with the crazy volatility! :)

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what is the update of your experience?

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Upxate please its 3 months on..

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Its very true, i want everyone to think about this. We are trusting our savings, our bills, our lives on what....Paper and some metals! Lets diversify and dont knock it till you've tried it! #cryptolife

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Know what? Long as u take your initial investment & profits & remove them from bitconnect clutches, I'm sure you'll be A-OK. Play with house $ and you can't lose. It's only the suckers on the tail end that get hosed!

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Helluva point you made there. However, the worthless usd will still be floating around long after bitconnect is dead & stinking! Honestly, I can't imagine how they've propped it up this long.

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Scammed

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I had a couple hundred dollars burning a hole in my posket, so I thought I'd test drive this scam. I did the same thing with PB Mining when it was blazing away full steam ahead. Got my money back because I got in early I guess. Hopefully this will be the same, but we will see. Soon I'm going to post my progress so you all can see. Let's do this together! haha

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Please please post about your success :)

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I would add that any new business that has more than 1 tier affiliate marketing, looks dodgy at best. Bitconnect are deffinitelly 100% scam

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Correct!

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Are you saying they OWN coinmarketcap ?

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Nah just saying they are criminals!

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Just watch this. if you have the courage to get pls do but go in with $200 . it's easy to get your money back and then start making money and you are safe.
Watch the video below, just calm your nerves and listen. you can counter the explanation with facts and equations of your own.

But if you need to register just click on this to register https://bitconnect.co/?ref=elsorncg

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Spamming comments is frowned upon by the community.

Continued comment spamming may result in action from the cheetah bot.

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those parameters fit with poswallet.com to to a degree, but it is still legit and the devolopers are working their ass off to get a good altcoin wallet. So average joe's don't need to deal with compiling wallets and have all this clients installed on their pc.

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BitPetite is way better. higher returns and less risk because your initial investment is only locked up for 6 or 9 weeks. you can deposit in BTC, LTC or ETH so no need to buy and lend a different coin. i'm earning huge amounts of BTC while alts are struggling
https://bitpetite.com/?aff=tps8068

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I tried your link to Bitpetite and it doesn't go anywhere. Can you explain to me how its better?

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NOW THAT'S A SCAM - NOT bitconnect

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and how about now...(bitconnect)

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well its appear on CoinMArketcap
https://coinmarketcap.com/currencies/bitconnect/ #9 today

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Does today too :) At the proper price!

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Pretty funny reading through some of these comments today. There's no telling some people, they have to make their own mistakes.

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History repeating itself so many times with these scams!

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yes, but interestingly, if you look on average, posters warning have higher reputation, posters liking bit.diss.connect on average have lower reputation. Just sayin... ;-)

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A large number of those low rep accounts seem to be made just for the purpose of defending bitgoneekkk, it was an army of shill accounts all over social media. Looking back they did a good job of rallying their victims into attacking the "haters", easy to see them on steemit but more difficult to tell on youtube.

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Ah yes, that makes sense, that's why those accounts are still at 25. And like you point out, another advantage of Steemit ;-)

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Hi! bitconnect is working fine for me. there are many redflags but also many (greenflags?).
You can choose to consider either side. Bitconnect, just like many things in crypto is governed by the rule invest what you're willing to lose.

If you're new to BitConnect, consider joining my team to earn 10% of your first investment back and be a part of regular giveaways!

How to earn 10% of your first investment back

  • Use bitcc123 as a sponsor when you sign up
  • Email me at mclee2999@gmail.com your BCC wallet address, your BCC username and how much you invested
  • Follow my Steemit page for regular (once a week) BCC giveaways starting on the 18th of November!
  • If you already have an account, you can add me as your sponsor
  • If you already have another sponsor, consider making a new account
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ofcourse it works.. until they stop having new investors.. then the thing collapses and all you money is gone.

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That is true. However, I PERSONALLY feel their collapse is still far away. I mean, as we speak they're hosting their first annual ceremony.

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It will probably collapse at a high point like this.. Before any signs so people don't retrieve the money... I hope it makes profits for another 280 days thought.. .

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You are a special kind of stupid aren't you? Can't get a real name and peddle your snake oil on the same thread discounting everything you're selling. How about an address and history of EXACTLY who runs this outfit so when they flake off with your money you can hunt them down? Bet that's not in their "About" page now is it. It's a front to take, take, take until they no longer make a profit and then they TAKE a nice long vacation sipping fruity drinks with umbrellas in them while chuckling at stupid jokes on a beach located in a non-extraditable country. When will we start handing out marbles to little kids again so society doesn't keep raising all these idiots that are ripping off the world and flushing our morals down the toilet? /facepalm

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How about getting paid for over a year without a hiccup just like they said ?

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7 month old post... Imagine what money you could have made in that time?

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hahahaha TRUE .. THIS Idiot ruined it for all these sheep

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It has worked for me. Got my investment back already and now just gambling the house money. Watching my account grow! Haven’t even tried to get any referrals but if anyone is interested https://bitconnect.com/?ref=joriko

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Can you give me at least 1 site that has no compounding? 1 site that has no ref bonus? site that is not ponzi. if you can give at least 1, ill give you $1000 plus ill quit bitconnect. It must be related to bitcoin investments and aside from trading.

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  • PROVE Volume is fake? its P2P

  • Fake Promises? Not one single thing they have said regarding percentages and payment, they have not done.

  • Ref Program Indeed does and has been doing.

-They publicly had a HUGE meetup in thailand in November, I don't think they are hiding
cause the hosts would be arrested if this was a scam.

  • All I know is Everything they promised paywise has been paid without a HICCUP

  • What Kind of Scam allows you to withdraw profits whenever?

  • Scam? Goto Forex exchanges and then come back and tell me scam, Goto your bank and what they are doing with your money and then tell me scam!!!

8,271,913 max coin count. (I know, no white paper) Mineable. Stake-able. Wallets work great. Fast transactions. Iphone and Android app work great. Coin is now on trading sites as well as their site. Track record so far. I am not so sure. I also think the same rule applies, in crypto, only invest what you can afford to lose. That is my position so putting money into BCC is the same thing. Anyway, I bought a bunch of it at $2 and because of all the FUD, I sold it at $9. It is at $202 today. Oy.

bots are quite normal to run in both the crypto comunity and real world economy. Just think for a second that you own bitconect, you run this trading bot. You give it forexempel 100 btc(100 btc is quit easy to optain for startups) to play with. Then I deside to invest 100 dollar of my money. Thats not much bitcoin comperd to what the bot alreddy have. then 10000 people do the same then the bot get quite rich after a while. And let say you get 1% +50%( of the initial main profit of the bot) from the profit of the deposits to the bot and 10% goes direct to make the bot grow in wealth. Your site grows each day. Customers withdrawels happens mostly in bcc. that they exhanged for the dollar number standing on the page. ore they use your exchange. You get more rich from running the site with a real trading bot then running with the money. Pleas stop spreading stuff that you don't know fore sure. It is a ton of money in trading. So returns are not that out of the world. The Bitconect bot actually have dry weeks. And the ref-program is totaly defendebel that they need alot of trafic to atract people to the bcc token. that one go up in price they have more money then it is posible to pay out to the afliate marketers.
PS:This numbers are totaly made up not based on facts at all. it was to paint a picture of how it could be.

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A ponzi scheme always work fine for the first people that jump in it ! When I see the market cap of BCC and all the buzz on youtube about it, I can guess for sure it will alive during many months (maybe 1 complete year or more if the global market cap about crypto still going up.

BUT

You should understand that the only reason that you receive your daily profit it's because news subscribers jump on the BCC boat and feed it by adding some fresh $ or Bitcoin in their website.

But at the end when no customers will enter or when the market cap of this thing will catch a HUGE amount, it will disappear with all the money !

Bitconnect is just a titanic boat and it's not because the music and lights still going on that it will not diving and dying on the middle term because this boat has never been able to float anyway ! It's base on an unstable and irrealistic model !

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djey, completely agree with you but is it wrong to join a a ponzi scheme during the beginning? In all ponzi schemes the first people make there returns ++++++ I mean the early people that actually make a profit can't be blamed for profiting from a scam, they joined under the same pretenses as the people at the end that loose all of there $. Such is the lottery of life in my opinion.

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I give back 75% of my referral bonus, whatever the initial amount you invest!

If you are new signup with my referral link https://bitconnect.co/?ref=Astrael If you already registered you can change your sponsor to " Astrael"

After assigning me as a sponsor and Lend money, send me your BCC (Bitconnect Coin) address,user name and the amount in USD that you lend to cryptoastra@gmail.com or in the comments below and I Will transfer your cut.
My referral link https://bitconnect.co/?ref=Astrael

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Honestly same for me, I put in $100 with no F***s given to see what happens, if it is a scam then I will go out less 1 night, if it isn't then WOOT. Honestly I know alot of scammer are using it and promoting it so maybe giving it a bad name. But some money already recouped so...... update to be pending.

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Cool man this is the spirit ! Let's try ! 100 bucs you spend in a good dinner !

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So how is that going?

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But I just watched your videos advocating bitconnect? Hmmm Fishy

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??? Craig grant you of all people should defend the platform! What do you mean with perfect?

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Perfect balace, every story needs 2 sides

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So why not share your side of the story in this post where so many people agree it is a scam? I assume you have an interest in defending your views on bcc. I'm on the fence but you know what they say about something which sounds too good to be true...

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If it sounds too good to be true, then you fear, so dont do it

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I merely seek the truth and you seem to be in a better position than me to offer it due to your better knowledge of BitConnect.

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I'm still not sure whether it's a scam or not...I've done an analysis on the rate of return vs. BTC price volatility, pls check and let me know your thought:

https://steemit.com/cryptocurrency/@ka82/bitconnect-investment

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I read, upvoted and commented on your article @ka82. Nice work!

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even graig grant doesn't have any trust in it at all even though he uses it. he sees that his reputation is on the online.

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The numbers are not made up. They are taken straight from their website. Tell me which number you think I made up, and I will provide you with the exact link to the information on the BitConnect website.

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my numebers!

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And the "paint pictures" are screenshots from their website.

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This token in now 100.00 and I have made a ROI of 9.4% in just eight days. I totally agree with you. With the volatility in BTC it is easy for a bot to be profitable with a 1% return to investors trading BTC. These scam claimers obviously do not trade BTC or are terrible traders...a monkey can earn 10% returns daily trading in this market.

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I can not believe you are still promoting it and giving out your referral link, on a post that exposes it as a scam, nonetheless!

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It's the page that prompted me to write this article :) You might want to go through the comments, where the author says he believes it's a scam and is no longer promoting it.

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but he still got his $1500 back after 239 days, and made $842 in profit on the loan

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  1. He did not get his money back yet, because 239 days didn't even pass yet from the time of his investment! He even says in the article "I will only get $1,500 back at the end of the lending contract". "WILL GET", not "GOT". Please stop spreading false information.
  2. We all know you're just trying to promote this shit for personal gain. Please do it elsewhere.
  3. You are not "in the same boat" as the people you referred. You only invested a minimal amount, and you're already in profit because of your referrals. If you withdraw (or already withdrew) your small initial investment, you are risking absolutely nothing, while they are risking their own money.
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Actually that same writer added a 12,000 loan. He's still wary but he's testing it.

https://steemit.com/bitcoin/@henry-gant/lets-find-out-bitconnect-lending-by-henry-gant-man-about-town

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that is normal for a ponzi scheme sir.

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Unbelievable Craig, big BIG disappointment, and don't keep saying you're on the same boat as everyone else, you're on the boat all those referrals built you, while referrals are swimming behind the boat, and will be the first to drawn...

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Oh wow, really? someone took a 10k $ loan to invest in bitconnect??

How will you be able to sleep at night if this turns out to really be a scam, craig? Will you just remove your youtube video and go on about your day?

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Jonathan Cole 2 days ago
Hey Craig, I have a few questions for you... You seem super gung ho on BCC right now, and I'm definitely interested in investing in it. But I'm SO wary of these fly by night HYIP schemes, and BCC lending DOES sound too good to be true. I've got about 40K to invest and I'm trying to really vet BCC, because this is a LOT of money to lose. But it's also a lot of profit to gain if the BCC lending is really legit. I'm wondering if you can tell me anything that will help me vet this system and blockchain. I'm worried that A- I won't get my money back after 120 days (how does it work??). Who's "borrowing" it to use with trading bots? And who handles the BCC lending contracts? What's to stop the bitconnect.co website from just walking away with my money after I lend it? How can I be totally comfortable in knowing that I won't get ripped off by the latest and greatest ponzi scheme? There doesn't seem to be a lot of info on BCC, just some weird videos of people in Vietnam going to a seminar, which doesn't tell me much. And all the news on CCN and cointelegraph are just paid press releases, which is kind of a red flag! True it's now top 20 in coinmarketcap, but that doesn't mean it's not controlled by a few whales who will cash out and collapse the whole system and run away with a shit ton of bitcoin! So obviously you stand to gain a LOTif I do get into BCC lending, because I'll be in your downline, and 40K is kind of a lot. So help me really wrap my head around this enough to feel comfortable with this. I have to go into this with full confidence. I have been google the sh%^ out of this and can't seem to find anything that will put my mind at ease. The affiliate marketing seems like a good option for you because of your youtube presence, but I'm more interested in the lending side, which I haven't really seen any really good proof of concept from anyone doing this in large amounts ($10,000+), or why this is a sustainable profit model. Any thoughts that might help sway me and any of the others in my same position who might read this? Thanks brother...

Reply

Craig Grant 2 days ago
If you cant afford to lose the 40K, then do not invest it in cryptocurrency

Reply
Jonathan Cole 2 days ago
understood. A risk I'm definitely taking because I DO believe that cryptocurrency is going to change the world and I'm stoked to be an early adapter. The question isn't my willingness to invest in crypto in general, it's BCC. I just wanted to know if you had an info to point me to to help me vet it a bit more. But I agree crypto in general is risky. I'm willing to take the risk because the upside is ridiculously enormous if the crypto market reaches even 1% of Global GDP (one BTC would be $65,000), and exponentially higher if it reaches total mainstream acceptance. So I'm thinking the risk is worth it. My other thoughts are to invest it in a diversified top 5 or 10 crypto portfolio situation, or buy GMYU contracts and diversify the X11 profits. But right now I have a liquidated 401K in the form of bitcoin growing at the rate that bitcoin grows (obviously). Wasn't doing any good sitting as fiat in my old schwabb account collecting dust as the crypto markets explode. I'll pay the taxes on it now, get it over with and now it's free to invest in crypto. Sorry to bother, just wondered if you had any more info on BCC...

Reply
Craig Grant2 days ago
I started with a $100 loan, and another $100 loan a few days later, and will most likely do a $100 loan at least 1 time per week, because I can afford to lose that much.

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Jonathan Cole 2 days ago
fair enough

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Craig Grant 2 days ago
with 40k to spend, you can start with 1k, and play it by air from there

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Jonathan Cole 2 days ago
true... Might consider starting small with BCC and get a feel for it. I was doing the math on GMYU, and that amount in upgrades will payout like 3 Dash per day, which adds up, and GMYU is pretty trustworthy, I've been with them a year and a half, so... Not sure if I want to put it all into mining, but it's tempting...

Reply
Jonathan Cole
Holy shit this is real... I invested 10K yesterday, this is an amount I feel comfortable with because its the minimum amount to get the maximum interest rate with the minimum amount of commitment time (only 4 months). In my first day, I just got a $107 payout! I'm going to start youtube promoting this logging the results of this experiment, so others are inspired to do the same. THIS IS REAL. WOW... Congrats Craig, you just banked 10K into your level 1 downline. Good job brother...

Reply 1
Craig Grant 19 hours ago
4 months documenting could get you tons of referrals

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I stopped reading at

If you cant afford to lose the 40K, then do not invest it in cryptocurrency

Since you apparently can't see the difference between real crypto currency and MLM referral bullshit.

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at least you can see that I do not try to convince anyone to invest, so if he loses, then he is 100% responsible, as I am too, if I lose the money I loaned out

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Just wondering, did you ever put all your investments into BCC? How is the outlook on BCC now?

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Ponzis are scams, even if they pay out at first, because eventually they'll close and a lot of people are scammed out of their money.

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that will never happen with bitconnect

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Oh really?

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Never ever EVER! Except a few days ago.

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watching this video in restropect after @craig-grant has made over $100,000 in BCC is quite hilarious. fear and ignorance isn't the best investment...

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Reading this after Bitconnect just crashed makes me think you're an idiot.

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the risk I took was $100, earned back 25 times more already

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Well, good for you, but you have been warned now. I'm assuming most of the income was from referrals. Are you the guy from YouTube?

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cryptocurrency is play money, nothing to be warned or worried about

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I guess we will agree to disagree about that :P

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Play money has real value but if you are putting it into a centralized exchange (Like BitConnect) then you're taking the risk. If BitConnect is a scam aren't all centralized exchanges also scams? Some other exchanges offer the loans too and use bots for liquidity. These are unregulated exchanges so do you suggest they should be regulated?

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Bitconnect is offering higher returns because of their "trade bot" without giving any information of its results just handing you numbers on their platform you have to trust.

Of course referrers make money, just like they do on any other ponzi if they are in there early. Comparing bitconnect to normal exchanges is absurd. They don't require your funds to be locked for 150-300 days.

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Thanks @thegrinder. I found this when trying to quickly get to the bottom of bitconnect. Would love you to give my article on Token a look over - https://steemit.com/token/@fraserb/token-browser-targeting-2-billion-unbanked-people-through-blockchain-innovation

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Maybe we need a BitDISCONNECT meme! Ha ha!

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Must feel good having a lot of people lose money if this indeed turns out to be a scam.

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i am in the same boat as everyone else invested, and I am prepared to lose $200, no problem

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What about the extra 12.5x of your earnings whike actively promoting a scam? I'm glad I didn't listen to any of these.

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I dot think int's scam, and I can wait a few months to know I'm right, if it does turn out to be a scam then I can delete all my videos that talk about or link to Bitconnect. In the past I did the same for Genesis when so many comenters were calling it a scam, I deleted all the videos and restarted promoting it a few months later. I remember when steem was a scam, and when dash was a scam. Time will tell

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Yes I remember that. I totally agree with you on this. When people don't try it or understand it they call it a scam. Just as they did With DASH, Genesis-Mining and Steemit.

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There is no question BitConnect is a scam. It has all the characteristics. Early adopters to these scams who know when to get their funds out can realize those returns, but only at the expense of the principal of all the other suckers who put their money in afterwards. If you promoted this to your YouTube audience, then I'm calling that a misuse of your influence.